Cropper Assets Rise To £5.9m

Press, Volume CVI, Issue 31118, 22 July 1966, Page 14

Cropper Assets Rise To £5.9m

Sew Zealand Press Association!

The take-over of Northern Roller Milling Company, Ltd., and the purchase of a 51 per cent interest in a Sydney firm lifted total assets of the Neil Cropper Holdings group from £2,968,637 to £5,902,071 during the year ended March 31.

The company proposes to raise additional finance for development by means of a debenture issue in the near future, says the chairman (Mr P. Cropper) in his annual reportPaid ordinary capital was more than doubled, from £607.000 to £1,323,300 on which the ordinary dividend, as previously announced, has been maintained at 10 per cent.

It represents a lower earning rate of 10.1 per ent (18.2 per cent) on shareholders funds increased from £1,051,932 to £2,957,907. Gross income was £1,017,594 against £512,623. Tax provision was £179,142 higher at £392,485 and depreciation rose by £119,464 to £182,089. Interest payments totalled £34.101 (£17.936). The results include nine months trading by S. G. T. Holdings Pty., Sydney manufacturer of paper tapes, in which the group had acquired a 51 per cent equity.

The audited group accounts show a consolidated profit of £363,314 for the year, which represents a gain of 19.4 per cent on the combined profit of £304,095 returned by Neill, Cropper Holdings, and Northern Roller Milling in the 1964-65 year. The profit was struck after deduction of minority interests of £18,429 (£11,558 last year) but includes preacquisition profits, the group After deduction of preacquisition profits, the group result of £297,564 compares with the Neill, Cropper profit of £191,039 the year before.